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Housing Bubble Week Epilogue: Not All Bubbles Are Created Equal - Vernon Smith
The Joe Walker Podcast
The Boom of 1890
The last real estate mediated financial crisis you guys had prior to the Great Depression was 1857, the Panic of 1857. Now, compare Fisher's story with one of Australia's prominent economists at the time,. Edward Shan, and this is a monograph that he published in 1927, titled The Boom of 1890. And let me quote the opening paragraph because he comes out with all guns blazing. He says, the average man who loves a gamble turns a blind eye to any likeness between the sound prosperity on the continuance of which he budgets, and the booms or manneas of long ago.
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